ACP and Time Inc Announce New Magazine Joint Venture in Australia
Posted on February 10, 1998Australian Consolidated Press (ACP) and Time Inc., announced yesterday that they are forming a 50:50 joint venture in Australia.
The new company will take over the publishing of six existing Sydney-based magazines; Time, and Who Weekly (from Time Inc); and The Bulletin, New Weekly, and Australian Gourmet Traveller and Wine magazine (from ACP). It plans to expand by launching new titles, including local editions of other Time Inc, magazines from the United States. The joint venture company will be called Premier Magazines.
Marty Gardner, currently vice president of Time Inc. International, in New York, will be the Sydney-based Managing Director of Premier Magazines, reporting to joint ACP-Time board. The new company will benefit from editorial services from Time Inc. ACP will provide a range of financial, administrative and publishing services.
Premier Magazines will have a staff of over 200, and will be based at Time Inc's existing offices in North Sydney. Relocation of the 70 staff on the four magazines being transferred by ACP will take place over the next six months.